Deficits: Not So Bad, Well Republican
Deficits That Is
Conservatives are known for very
little, but one of things they are known for is hating the federal
deficit. But
not so more, at least for one prominent opinion writer, Ross
Douthat in the NYT.
That
low-inflation, slow-growth context prevailed under Obama; to a lesser
extent it still prevails today. There will doubtless come a time when
deficit scolds make essential arguments, but of late they haven’t —
and when I was one of them, I now believe, I was making a mistake.
So why are we cynical here? Well it
seems there is now a Republican deficit, which for conservatives is
okay. And the new tax law will increase that deficit and the
national debt, far above the forecasts of government analysts. So
no, deficits are no longer important.
Also missing from Douthat and others is
the recognition that the deficit was substantially reduced under
Obama. Indeed deficit reduction has flourished under the last two
Democratic Presidents while Reagan and both Bushes had major
increases in the deficit when they were in power. But for
conservatives none of that matters; support the party no matter
reality. As for Douthat, when the deficit explodes under Trumpie he can now say, 'well I said that would not be so bad'.
Ross Douthat, closes out 2017 as NYT
Hack of the Year